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NVR ANNOUNCES ITS PLAN OF REORGANIZATION

 MCLEAN, Va., July 23 /PRNewswire/ -- NVR L.P. (AMEX: NVR) today announced that its plan of reorganization has been confirmed on July 22, 1993, by the United States Bankruptcy Court for the Eastern District of Virginia, Alexandria Division.
 The plan provides that NVR will convert from a partnership into a corporation. Under the plan, NVR will pay in full the claims of its principal pre-petition bank lenders in cash, through the proposed public issuance of at least $150 million of senior notes concurrent with the consummation of the plan. The holders of the senior subordinated notes of NVR will receive approximately 82.16 shares of common stock and 6.86 warrants to purchase shares of common stock for each $1,000 face amount of notes. The holders of the debentures will receive approximately 37.75 shares and 19.55 warrants for each $1,000 face amount of debentures. Existing Class A Unitholders will receive approximately one share and .32 warrants for each 30 Class A Units. Each warrant will have an exercise price of $8.80, will be exercisable six months after the effective date of the plan and will expire three years after the effective date. On the effective date of the plan, there will be a total of 17,057,326 shares of common stock of NVR and 2,162,828 warrants outstanding.
 The plan will become effective and NVR will emerge from bankruptcy when certain conditions have been satisfied, including obtaining a new working capital facility and selling at least $150 million of senior notes to be underwritten by Bear, Stearns & Co. Inc. It is presently contemplated that the effective date will occur in late August.
 -0- 7/23/93
 /CONTACT: Doug Poretz of NVR, 703-506-1778 or, after hours, 703-448-1312/
 (NVR)


CO: NVR L.P. ST: Virginia IN: FIN SU:

IH-MH -- DC018 -- 5080 07/23/93 11:04 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:312
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